DrDovetail

BTC safely above double top neckline..may go fill gap at 11.2k.

Long
COINBASE:BTCUSD   Bitcoin
We can see price action has broken back above the yellow horizontal double top neckline keeping us safe from a dreaded double top breakdown for now. We are also once again back above the top trendline of the falling wedge which previously had a fakeout breakout but this time around could very likely reach its breakout target(which from this spot on the wedge is around 11.1k) I think if this does occur, FOMO will give us the ability to then take price action up another pip or 2 to fill the CME gap at 11.2 either that or cme could trade at a slight premium around there and fill the gap without btc reaching 11.2 itself. Either way if we breakout here I think the 11.2 cme gap is likely to get filled and then the impending 4hr death cross will have very good odds of sending price action back down to those 8.5 / 7.2k gap levels. I think absolute worse case scenario here is 6k before the ned of the correction but I could see us skyrocketing back up after only reaching 8.6-8.5k. Also price action doesn't have to hit 8.5k to fill the gap if suddenly the CME contract were to start trading at a discount. For now I'm going temporarily long until the 4hr death cross...then neutral until I see whether the deahcross will be sustained, or just a fakeout.
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